Bankruptcy |
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The economy is in turmoil. Many people are unemployed or underemployed. Home values
have plummeted but property taxes have not decreased. The costs of the basics of everyday
life, like gas and food, have skyrocketed. The end result? Many people, even those who
were previously financially secure, are facing constant financial stress. If you are finding it hard
to sleep because you are worried about your finances, you may be wondering if bankruptcy is
an option.
Do not be embarrassed! Bankruptcy is designed to give people a fresh start. The two basic
methods of bankruptcy available to consumer debtors are Chapter 7 and Chapter 13. In
Chapter 7, debts are discharged. Chapter 13 is essentially a long term repayment plan.
Although the Bankruptcy Code was revised in 2005, with the end result being to make it more
difficult to file bankruptcy, Chapter 7 and 13 are still viable options for many debtors.
Do not struggle on your own. Give us a call! The attorneys of Matuszewich, Kelly &
McKeever, LLP can provide you with an overview of both Chapter 7 and Chapter 13. As a
general rule, Chapter 7 is the quickest way to eliminate your debts. In Chapter 7, all of your
debts will be discharged within a few months of the filing of your bankruptcy petition. If you
have any assets that can be sold to pay your creditors, the Chapter 7 trustee will sell the assets
and distribute the proceeds to your creditors. Most Chapter 7 debtors, however, do not have
any assets for the trustee to sell. In Chapter 13, your debts will not be discharged for
approximately 5 years. During that five year period, you will be making regular monthly
payments to a Chapter 13 trustee who will then distribute those payments to your creditors.
When you have completed your Chapter 13 payments, you will be granted a discharge.
The attorneys of Matuszewich, Kelly & McKeever, LLP will walk with you throughout the
process. We will help you understand the legal procedures and financial implications. Our
attorneys and legal assistants work as a team to help you get the fresh start you deserve.
Matuszewich, Kelly & McKeever, LLP
453 Coventry Lane, Suite 104
Crystal Lake, Illinois 60014
(815) 459-3120 Telephone
(815) 459-3123 Facsimile
info@mkm-law.com E-mail
have plummeted but property taxes have not decreased. The costs of the basics of everyday
life, like gas and food, have skyrocketed. The end result? Many people, even those who
were previously financially secure, are facing constant financial stress. If you are finding it hard
to sleep because you are worried about your finances, you may be wondering if bankruptcy is
an option.
Do not be embarrassed! Bankruptcy is designed to give people a fresh start. The two basic
methods of bankruptcy available to consumer debtors are Chapter 7 and Chapter 13. In
Chapter 7, debts are discharged. Chapter 13 is essentially a long term repayment plan.
Although the Bankruptcy Code was revised in 2005, with the end result being to make it more
difficult to file bankruptcy, Chapter 7 and 13 are still viable options for many debtors.
Do not struggle on your own. Give us a call! The attorneys of Matuszewich, Kelly &
McKeever, LLP can provide you with an overview of both Chapter 7 and Chapter 13. As a
general rule, Chapter 7 is the quickest way to eliminate your debts. In Chapter 7, all of your
debts will be discharged within a few months of the filing of your bankruptcy petition. If you
have any assets that can be sold to pay your creditors, the Chapter 7 trustee will sell the assets
and distribute the proceeds to your creditors. Most Chapter 7 debtors, however, do not have
any assets for the trustee to sell. In Chapter 13, your debts will not be discharged for
approximately 5 years. During that five year period, you will be making regular monthly
payments to a Chapter 13 trustee who will then distribute those payments to your creditors.
When you have completed your Chapter 13 payments, you will be granted a discharge.
The attorneys of Matuszewich, Kelly & McKeever, LLP will walk with you throughout the
process. We will help you understand the legal procedures and financial implications. Our
attorneys and legal assistants work as a team to help you get the fresh start you deserve.
Matuszewich, Kelly & McKeever, LLP
453 Coventry Lane, Suite 104
Crystal Lake, Illinois 60014
(815) 459-3120 Telephone
(815) 459-3123 Facsimile
info@mkm-law.com E-mail
| Info: (815) 459-3120 |